Macau gaming operator Melco International said in a statement on Tuesday that its 2019 profit rose 10.5 per cent to HK$1.8 billion (US$232.2 million).

According to the statement, net revenue increased by 10.5 per cent to HK$45.0 billion and adjusted EBITDA grew 15.1 per cent to HK$12.5 billion.

“Construction on the Phase 2 expansion of Studio City [in Cotai] is progressing which will further elevate the integrated resort to offer a significant point of differentiation from all other Macau resorts.

“Upon completion, it will offer approximately 900 additional luxury hotel rooms and suites, one of the world’s largest indoor water parks, a cineplex, fine-dining restaurants and state-of-the-art MICE [meetings, incentives, conferences and exhibition] spaces,” the statement said.

The statement also said that City of Dreams Mediterranean, the company’s casino-hotel project in Cyprus, “is expected to become Europe’s largest premier integrated resort upon completion. ”

Japan “continues to be a core target” for the company, according to the statement, pointing out that the company announced its “Yokohama First” policy last September.

The statement quoted Group Chairman and CEO Lawrence Ho Yau-lung as saying: “We took the decision to reassess our non-core investments as the COVID-19 outbreak began to affect tourism in Asia and the rest of the world. As we intend to focus on our key investments currently earmarked for Macau, Manila, Cyprus and Japan, we decided not to pursue our planned investment in Australia for the second tranche of shares in Crown Resorts Limited.”

Ho admitted that “2020 promises to be a very difficult year for global integrated resort operators.”